Oil Price Spikes to $139 on Talks About Russia Oil Ban, Iran Deal
Posted on AllSides March 7th, 2022
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AP
Oil prices spiked to their highest levels since 2008 on Monday amid market supply fears as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
In the first few minutes of trade Brent crude reached $139.13 a barrel and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest since July 2008.
By 1204 GMT, prices had eased back, with Brent up 6.3% at $125.55 per and WTI up 6.7% at $123.37.
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